The impact of anti‐takeover charter amendments on expectations of future earnings and takeover activity

In this study, additional evidence of the impact of anti‐takeover amendments on firm earnings and subsequent takeover activity is presented. It is found that analysts’ projections of financial performance measures do not appear to be altered by the adoption of anti‐takeover amendments. Additionally, it is found that the anti‐takeover charter amendments do not impact either takeover activity or takeover premiums following their adoption. Thus, anti‐takeover amendments appear to have few, if any, consequences to shareholders. Copyright © 1999 John Wiley & Sons, Ltd.     

The effect of non-convertible preferred stock retirement on shareholder wealth

In this paper the authors examine the common stock price behavior of firms that call their non-convertible preferred stock. The findings for the entire sample of preferred stock calls are consistent with the Modigliani and Miller (MM) leverage hypothesis that preferred stock financing adds no value to the firm. However, for those firms whose preferred stock was completely eliminated from the capital structure, a significant, positive announcement effect is observed. This finding is consistent with an information signaling effect related to the earnings prospects and tax status of the calling firms and also is suggestive of a burdensome covenant effect. No evidence is found to support the free cash flow theory of common stock price reactions to preferred stock calls.     

从含钴废料中回收钴的研究进展

介绍了从转炉渣、净液钴渣、镍钴硫化物三种含钴废料中回收钴的方法。     

Optimal Allocation of Space in Retail Advertisements and Mail-order Catalogues: Theory and a First-approximation Decision Rule

The problem of allocating space to different products in a mail-order catalogue or retail advertisement is often bedevilled by the absence of information about the ‘space elasticity of demand’. Usually, all that is known are sales figures from previous catalogues and advertisements. Under these conditions, where marginal analysis is impractical, the authors recommend a simple first-approximation decision rule.     

江西红色文化资源开发的问题及对策

目前江西红色文化资源开发中存在着开发主体相对单一、品牌意识淡薄、整体创新能力较差、争取国际认同需要跨越意识形态障碍等问题.建议实行江西红色文化开发主体多元化;实施红色文化品牌战略;拉长红色文化产业链条,加深产业间的横向渗透与产业内部的纵向延伸相结合;加强红色文化产品创新与文化市场拓展相结合等举措.     

中国货币供给的内生性:理论分析与实证评述

本文回顾了国际上货币供给内生的有关理论,指出其在解释我国面临相关问题时的适用性。根据货币供给关系式:M=Bk所提供的框架,分两个方面即基础货币B和货币乘数k来讨论货币供给,综述几种主要的建模、计量实证方法的优劣,并得出结论:我国的货币供给内生性所折射出的是我国现有的整个金融体系的构造性问题,参杂着许多向市场转轨期的制度因素以及市场因素,在涉及货币政策时必须对这些因素进行细致的考虑。最后,在上述分析的基础上提出针对性的政策建议。     

Multi-attribute analysis of confidence,convenience and price functions of customers of financial services firms: A GLS systems model

The paper examines attributes of customers for modelling the dimensions of confidence, convenience and affordability of services offered by financial services firms (FSFs) by applying a generalised least square (GLS) systems model to a cross-section of customers in Dubai. These three dimensions have become major drivers of long-run viability and survivability in the last 15–20 years, because of dynamic and competitive macroeconomic forces faced by the FSFs. Earnings stability, longevity of relationship and liquidity attributes significantly explain the confidence level of customers across FSFs. Core, tangible and relational attributes besides ambience and ATM network, positively significantly explained the convenience level of customers in FSFs. Home loans, credit cards, savings accounts, term deposits and insurance services are significant products that are affordable and valued by customers. The systems model was validated using a holdout sample. The study findings have implications for customer relationship management, customer insight and production/transaction processing competencies of FSFs in the study area and are equally applicable to FSFs in other developed and developing economies.     

试论商业银行风险的法律控制

金融是现代经济的核心,而银行业又是金融业的核心,银行业已渗透到社会经济生活的各个领域。商业银行在进行金融活动时,本身的性质与特点决定了其具有高风险性。控制金融风险有许多措施,但法律手段无疑是最有效的措施。分析我国商业银行在金融活动中存在的问题,并从签订履行借款合同和依法收贷过程中寻求有效的法律手段,是控制金融风险的迫切需要。     

我国银行加强内部审计遏制舞弊的对策探讨

近年来我国银行舞弊案件频频发生,涉案金额之大、案件隐藏时间之久触目惊心,银行遭受了较大的经济损失。这些舞弊案件及其对银行机构的重大影响警示我们,对处于经济社会转型和改革开放加速前进、外资银行在华业务竞争全面展开时期的中国银行业而言,遏制舞弊是一项十分重要而紧迫的任务。本文认为银行舞弊的遏制和查处归根到底还是要落到实务操作尤其是内部审计的实务工作层面,本文立足于内部审计实务,从八个方面分析探讨了银行舞弊的遏制和查处工作重点和技术方法。